Valence could get $11.9 million in state incentives

Illinois is offering Chicago-based health technology company Valence Health Inc. up to $11.9 million in incentives to hire at least 500 new workers by 2019 and invest about $17 million in its new West Loop headquarters.

Valence, which offers consulting services, data analytics and operational support for hospital systems that are part of risk-sharing insurance arrangements, employs 470 nationwide, including 325 in Illinois. To receive incentives, Valence will need to more than double its Chicago workforce to receive the state incentives, a prospect Valnce CEO Phil Kamp said “shouldn’t be an issue.”

The privately held company has been adding between 30 and 50 workers per month this year, including customer service representatives, software developers, nurses and consultants, Kamp said.

It plans to move into a new, larger space in the West Loop later this year to accommodate the growth.

Kamp said Valence “had no plans on leaving Illinois,” but said the state incentives were important to the company’s expansion in Chicago.

“We could have grown elsewhere,” he said. The company has three other offices, two in Texas and one in Philadelphia.

Valence said revenue is on track to increase tenfold between 2012, when it reported about $31 million in revenue, and 2018.

“With this new investment, Valence Health is staking its future here in Illinois,” Gov. Pat Quinn said in a statement announcing the incentives.